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Originally Posted by fleury
I’ve used Norberts Gambit for foreign exchange (DLR.U/DLR.UN) but the process of journaling is a few days with Questrade. So say I buy blackberry on the TSX, what is the process for selling it on the NYSE on a day where the TSX is closed??
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I dont have Questrade, but I've done it with multiple other brokers. You may need a margin account depending on how questrade does it. Just enter a sell order for your shares using the NYSE symbol on the NYSE.
RBC Direct gives you a warning that you've sold in a different currency account than you own the shares, and will process the journaling automatically, but not until the trade settles.
Other brokers might treat it as a short sale, but just have the long position journaled over right away. It will eat up some margin until they do that.
I tend to do Norberts gambit with the big bank shares instead of DLR, because the bid-ask spreads are lower. I do the buy and sell simultaneously to avoid any price slippage.